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Non-Tech : Hvide Marine HMAR - High Growth, Undervalued -- Ignore unavailable to you. Want to Upgrade?

To: Grommit who wrote (406)	6/22/1998 3:18:00 PM
From: Robert Floyd	Read Replies (1) \| Respond to of 547

Hvide Marine To Accept Fifth Double Eagle Tanker FORT LAUDERDALE, Fla., June 22 /PRNewswire/ -- Further bolstering its position in the domestic Jones Act market, Hvide Marine Incorporated (Nasdaq: HMAR - news), on behalf of Lightship Tankers L.L.C., today announced that it has reached an agreement with Newport News Shipbuilding (NYSE: NNS - news) of Virginia whereby Lightship Tankers will accept delivery of a fifth ship and Hvide will take an additional 25% ownership position in the Double Eagle tanker program. Financial terms were not disclosed. ''Today's agreement reinforces our commitment to the Jones Act market and gives us the preeminent U.S.-flag fleet of double-hull petroleum product carriers,'' commented J. Erik Hvide, Chairman, President and CEO. ''As the pace of mandated, single-hull retirements under the Oil Pollution Act of 1990 (OPA 90) accelerates, this truly first-class fleet of ships, built by Newport News, will put us in a strong position to benefit from new business.'' Three of the new vessels are scheduled for delivery in the fourth quarter of 1998 and the remaining two by mid-1999. Hvide currently operates a fleet of five chemical and three petroleum product carriers in the Jones Act trade with OPA 90 retirement dates ranging from 2000 to 2015. These vessels transit U.S. coastal waters and deliver products such as caustic soda, phosphoric acid, gasoline and jet fuel to ports along the Gulf, Atlantic and Pacific Coasts. Based in Port Everglades, Florida, Hvide Marine (pronounced ''VEE-dah'') is one of the world's leading providers of marine support and transportation services with a growing fleet of 273 vessels in two core businesses: Marine Support Services (239 vessels), primarily in the offshore energy industry, in which Hvide's Seabulk Offshore subsidiary is the world's third largest operator of oilfield support vessels; and offshore and harbor towing, which includes harbor tug operations in Tampa Bay, Port Everglades and Port Canaveral, Florida; Mobile Bay, Alabama; Lake Charles, Louisiana and Port Arthur, Texas; and Marine Transportation Services (34 vessels), in which Hvide is a leader in the domestic chemical transportation trade and has a significant position in petroleum product transportation. SOURCE: Hvide Marine Incorporated